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(LEAD) Seoul stocks hit over 2-yr high on Hyundai Motor, tech stocks

All News 16:32 August 10, 2020

(ATTN: ADDS bond yields at bottom, photo)

SEOUL, Aug. 10 (Yonhap) -- South Korea's stock market extended its winning streak to a sixth straight session to close at an over two-year high Monday, as automakers and major tech stocks advanced on hopes for stimulus in the United States and upbeat data. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 34.71 points, or 1.48 percent, to close at 2,386.38, marking the highest since 2,404.04 points on June 15, 2018.

Trading volume was high at about 775 million shares worth some 19.3 trillion won (US$16.3 billion), with gainers outnumbering losers 549 to 303.

Foreigners sold a net 130 billion won, while retail investors purchased a net 353 billion won. Institutions offloaded a net 230 billion won, selling for a 10th consecutive session.

Electronic signboard at the trading room of Hana Bank in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,386.38 on Aug. 10, 2020, up 34.71 points or 1.48 percent from the previous session's close. (Yonhap)

The rally came after the KOSPI rose by nearly 5 percent last week on hopes for additional stimulus measures in the United States.

"Strong gains by giant automakers have been pulling up the index, adding a favorable atmosphere to the market," Daeshin Securities analyst Lee Kyung-min said.

Auto-related shares spiked on expectations of a sales jump at home, and some major tech stocks remained in positive terrain.

Hyundai Motor, the country's largest automaker, skyrocketed 15.65 percent to a new 52-week high at 170,000 won. Its smaller affiliate Kia Motors also spiked 9.70 percent to 46,350 won.

Hyundai Mobis, the top auto parts maker, also surged 6.49 percent to 238,000 won.

Other large caps closed higher in Seoul.

Market bellwether Samsung Electronics gained 0.52 percent to 57,800 won, and No. 2 chipmaker SK hynix rose 0.99 percent to 81,400 won.

Top pharmaceutical firm Samsung Biologics advanced 0.39 percent to 771,000 won, and Celltrion climbed 0.16 percent to 315,000 won.

Internet giant Naver shed 0.16 percent to 313,500 won, but its rival Kakao added 0.85 percent to 356,000 won.

Leading chemical maker LG Chem lost 3.49 percent to 720,000 won, and EV battery maker Samsung SDI retreated 2.97 percent to 473,500 won.

The local currency closed at 1,185.60 won against the U.S. dollar, down 0.90 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 2.0 basis points to 0.830 percent, and the return on the benchmark five-year government bond added 3.7 basis points to 1.095 percent.


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